,

Staying on Track with a Small Business Expense Tracking Spreadsheet

May 18, 2017 | Carl Corneliuson
Table of Contents
    Add a header to begin generating the table of contents

    Happy man entering data from home on laptop an office work placeManaging small business financials is a critical task. When it comes to expenses, it’s important to organize and track everything, so when it’s tax time you report everything correctly. This allows you not only to pay no more than absolutely necessary, but it also protects you in the event of an audit and helps you plan for the next fiscal year. When you’re managing small business expense tracking, there are a few things you’ll want to keep in mind:

    Recording expenses can help your small business qualify for a number of important tax credits, including deductions related to startup expenses, financial losses, tax and legal fees, home office, travel, insurance, and more. For more on exactly which small business expenses can be deducted, check out the IRS.gov Deducting Business Expenses webpage.

    Keep and organize receipts physically or electronically

    One of the most important aspects of expense tracking is keeping proof of payments for every aspect of your business. This can include everything from advertising costs, all the way to interest. Make sure all expense categories are tracked via a spreadsheet.

    Use software

    Tracking expenses may seem painstaking, but it’s easier than ever before thanks to the availability of software options, such as solutions from QuickBooks, to streamline the process.

    Organize by quarter

    Dividing the year into quarters and adding up totals gives you the ability to organize and plan more effectively, especially if you expect to pay estimated taxes on a quarterly basis.

    Utilize what’s available for free

    You can find small business expense tracking spreadsheet templates available for download online. Templates are easy to customize to fit your business’s unique needs.

    Keep personal and business expenses separate

    Make sure your business has its own credit cards and bank accounts. When you need to go back and retrieve statements for record-keeping, this will make them easier to find and record.

    For more information on how you can better track your small business expenses, contact the experts at Corneliuson & Associates today.